Life insurance

Life insurance is about securing your family's financial situation against – and there's no cheery way to phrase this - the event of your death. You'll want to find a balance between adequate cover and a reasonable premium, because there's no reason peace of mind shouldn't be cost effective.

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Australia is in for a mini baby boom with the birth rate expected to rise by 6.4% over the next five years. According to the business information analysts at IBISWorld, this is good news for a number of industries that are set to grow between 3.0% to 36.2% thanks to the newborns.

Recent life insurance reviews

TAL

TAL life insurance review

Overall rating 9 / 10

Great premiums. That's what we are all after

Absolutely the most helpful, courteous, humorous insurance company I have EVER dealt with.. easy, and straight forward.. Always available to answer those nagging questions.. Peace of mind to know I am covered.

Absolutely the most helpful, courteous, humorous insurance company I have EVER dealt with.. easy, and straight forward.. Always available to answer those nagging questions.. Peace of mind to know I am covered.

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Life insurance quotes

Life insurance isn't about morbid statistics and pictures of vulnerable babies. It's about the decision to ensure your dependents could meet their cost of living if you no longer were around to support them.

There are a range of life insurance providers in Australia and to help to narrow down your choice, review policy details and features before you get a quote you can use our table listing to compare your options. Here at Mozo we only deal direct with life insurers so when you click on the “Go to site” button from the listing, you're guaranteed that you'll be dealing direct with the life insurance provider, not a third party.

Here are some FAQs about Life Insurance to help you better understand some of the policy features and benefits.

This is the standard type of life insurance, which pays a lump sum in the event of your death (typically to age 99). With Term life insurance you nominate an amount that you'd like to insure your life for. This amount can be used to cover things like your mortgage, children's education, debts, ongoing income for your partner and even funeral expenses.

Term life insurance premiums will generally increase with age, so it is a good idea to take out the policy when you're healthy, before you have any known pre-existing conditions that could affect your likelihood to get cover. It's a good idea to take out life insurance as soon as you have major financial commitments like a home loan or you have dependents.

The amount of cover you'll need will depend on your own personal financial circumstances and budget. Rather than just try and go with the cheapest option, you should really look for a policy that will cover your family and their lifestyle. According to some insurance experts, if you've got dependents you should look at cover that is equal to 10 times your income.

In most instances, you will not be required to have a medical examination. But it is up to the life insurer whether they will require you to undergo medical testing. Usually, medical testing would be required if you have had a preexisting condition or a family history of poor health.

It is very important that when applying for life insurance you are upfront about your past medical history. Even if you've had a preexisting condition, it doesn't automatically mean that you won't be able to take out life insurance. In some instances you might need to pay extra or have a policy with special conditions attached.

Many life insurance policies come with the option of total and permanent disability insurance. Income protection insurance usually involves a separate policy - but remember that you'll often receive a discount for taking out multiple policies with the one insurer.

If you're after more information on life insurance we've got a range of guides that go over the basic types of cover and information you'll need when choosing life insurance cover. And if you want to know more about the industry in general, check out our life insurance news section.

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